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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) MAY 28, 1996
DIRECT CONNECT INTERNATIONAL INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-18288 22-2705223
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
700 GODWIN AVENUE, MIDLAND PARK, NEW JERSEY 07432
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201)445-2101
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On May 28, 1996, the Company established a margin account with the brokerage
firm of Cowen & Company (Cowen) in New York. In that connection, the Company
delivered 300,000 shares of common stock of Glasgal Communications, Inc. held by
the Company to Cowen and borrowed $500,000 against such account. The Company
intends to loan such proceeds to Evolutions, Inc. (EVO) for the purpose of
promoting EVO's Kidsview product line which the Company is managing under a
management contract. The loan is expected to be for a period of six(6) months,
with interest at the rate of ten percent (10%) per annum. The loan will be
secured by shares of EVO's common stock, accounts receivable and inventory and
is intended as an interim financing arrangement regarding EVO's Kidsview product
line pending completion by EVO of a private placement financing for that
purpose, among other things. In connection with the loan, the Company expects
to receive warrants to purchase shares of EVO common stock.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Financial Statements: Not applicable
Pro Forma Financial Information: Not applicable
Exhibits: None
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DIRECT CONNECT INTERNATIONAL INC.
(Registrant)
Date MAY 28, 1996 By /s/ PETER L. SCHNEIDER
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Peter L. Schneider
President and Chief
Operating Officer
